Crypto War: ‘No Plans To Pay’ – Binance Reacts To $10 Billion Fine From Nigerian Govt

The largest cryptocurrency company, Binance Holdings Ltd., has denied a report that the Nigerian government has fined them $10 billion.

According to Bayo Onanuga, President Bola Tinubu’s Special Advisor on Information and Strategy, Binance was fined $10 billion by the Nigerian government for operating illegally, a major factor in the depreciation of the naira. This information was revealed by Naija News.

Onanuga stated that the fine was a component of the effort to preserve the value of the naira in a Friday interview with the BBC.

In response to the alleged fine, a Binance representative told Peoples Gazette that the company did not discuss any fine when it came to strategies to settle disputes with the Nigerian government.

The official said, “We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion.”

He also clarified that it is not discussing with the Nigerian government either to restore its recently cut-off services or release its executives, who are being held in detention.

The official also stated that the company has no intention of paying fines for personnel or services to the Nigerian governmment.

“Our aim is to chart a good relationship with the government and the people of Nigeria. We want to see our services restored in Nigeria very soon, but we have no intention of paying fines for personnel or services,” the official said.

Recall that the Nigerian government had reportedly directed mobile networks to prevent access to Binance platforms.

This forced the cryptocurrency exchange giant to remove the naira from its peer-to-peer feature.

Two employees of Binance were also allegedly detained by the office of the National Security Adviser, Nuhu Ribadu, in Abuja as part of an investigation into the cryptocurrency exchange’s operations in Nigeria